Weak Dollar Cited for High Oil Prices ; Qatari Minister Notes Euro's Rise

The Washington Times › May 18, 2005

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Summary

Qatar's energy minister yesterday blamed persistent high oil prices on a weak dollar and rising costs for construction and materials needed to extract petroleum.

Economists estimate that the dollar has lost nearly 40 percent of its buying power in the past four years. As such, overseas contractors are finding the euro more attractive making oil production more costly, said Abdullah Bin Hamad al-Attiyah, deputy prime minister of energy and industry for Qatar.

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Weak Dollar Cited for High Oil Prices ; Qatari Minister Notes Euro's Rise

"We are a dollar-based market and we are now seeing contractors wanting to avoid the dollar," Mr. al-Attiyah said during a meeting wi...

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